Renewable Energy Installations to Boost the Offshore Wind Cable Market: Technavio

LONDON–(BUSINESS WIRE)–Technavio
market research analysts forecast the global
offshore wind cable market
to grow at a CAGR of close to 17%
during the forecast period, according to their latest report.

The market study covers the present scenario and growth prospects of the
global offshore wind cable market for 2017-2021. The report also
lists OEM and aftermarket as the two major end-user segments, of which
the market was dominated by the OEMs with 70% of the market share in
2016.

According to Thanikachalam Chandrasekaran, a lead analyst at Technavio
for power
research, “The growth in the wind energy industry due to rising
environmental concerns, increased demand for power, favorable government
regulations, and the need to reduce dependence on fossil fuels will lead
to the growth of the offshore wind cable market worldwide.”

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Technavio analysts highlight the following three market drivers that are
contributing to the growth of the global offshore wind cable market:

  • Growing offshore renewable energy installations
  • Innovations in the wind industry
  • Introduction of vessels designed for offshore wind cable laying

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Growing offshore renewable energy installations

Demand for more renewable energy has seen tremendous growth in the
number of offshore wind farms. The global cumulative installed offshore
wind capacity in 2016 was 14.38 GW. More than 85% of the installed
offshore wind capacity was in Europe. There is a rapid increase in
offshore wind power installations as it has a higher capacity output of
up to 40% more when compared with onshore wind power generation.
Offshore wind cables play a vital role in transporting newly generated
power from offshore wind turbines to the shore. Offshore wind cable
provides greater integration of renewable energies. Therefore, the
growth of power cables is closely correlated with the growth of
installation of offshore renewable energy.

Innovations in the wind industry

Over the past 15 years, offshore wind power generation has grown from a
novel technology to one of the competitive alternative power generation
sources helping in fighting climate change. In 2001, there were only two
countries that had commercial offshore wind power generation, and as of
2016, there were more than 15 countries with offshore wind installed
capacity.

“The involvement of industry stakeholders such as technology
participants, project developers, suppliers, contractors, financiers,
and government to name a few have been vital in the development, growth
and successful delivery of offshore wind projects over the past decade.
The efforts put in by the stakeholders and their push for innovation and
collaboration have helped in engineering new offshore wind turbine
technology that is driving down the cost of generation,”
says
Thanikachalam.

Introduction of vessels designed for offshore wind cable laying

Offshore wind power is more efficient when compared with onshore due to
the accessibility to higher wind speed that is more consistent. This
makes turbines that are optimized for common wind speed to operate at
higher efficiency over the ocean when compared with the turbines
installed onshore. However, connection/transporting of wind power to the
grid is one of the most challenging factors in offshore wind
development. It requires miles of power cables to be laid deep in the
ocean bed and connect it to the substation on the grid. Although this is
challenging, it alleviates all the other problems faced in onshore wind
farm installation such as safety, proximity to the towers, environmental
aspects, and communication with multiple contractors and client.

The use of ships with dynamic positioning has helped in speeding up the
installation process as ships can alter themselves according to the
changes in the winds and waves without having to compromise on their
main purpose. The cable-laying process is usually contracted, and the
use of ships for this process augurs well for the growth of the global offshore
wind cable market
.

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